Investors Recoil at NAB Bonus Plans

National Australia Bank, or NAB, Chief Executive, Cameron Clyne, has had a rough year so far. It may get worse before it gets better.

Shareholders were told Monday that they will be asked to approve bonuses worth almost 4 million Australian dollars (US$4.17 million) for Mr. Clyne at the bank’s annual general meeting next month.

That figure might seem unpalatable enough for many, given the disgust at big bank bonuses that has blown up since the global financial crisis. But in Mr. Clyne’s case, it also comes just weeks after Australia’s fourth-largest lender reported a 22% fall in net profit for the 2012 financial year, the first time the bank’s earnings have fallen since 2009.

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.